10CryptoMarket Review – is 10cryptomarket.com scam or good forex broker?

10CryptoMarket Review – is 10cryptomarket.com scam or good forex broker?

Beware! 10CryptoMarket is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

IG USForex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

10CryptoMarket is a Forex brokerage which does not disclose corporate information. It provides the MetaTrader 4 trading platform. Furthermore, the website flaunts with a wide range of trading products, the required minimum deposit is the standard $250 and the spread is the just above the industry average at 1.6 pips on EUR/USD.

10CryptoMarket regulation & safety of funds

The brokerage claims to be owned by a Swiss company, however, no further corporate information is disclosed which renders the website anonymous. Upon running a check through the online registry of FINMA we did not find any relevant information regarding the broker brand on the website of the Swiss financial watchdog. This means the brokerage is providing financial services without proper authorization. We highlight the danger in doing business with an anonymous website since the people behind it do not answer to any authority and have no reason to uphold the client agreement. On top of this, the financial watchdog of Switzerland has blacklisted the brokerage and suspects it of being involved in scam operations. It is safe to say that there is tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading options.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

10CryptoMarket trading software

 The MetaTrader 4 trading platform is supported which is something we always consider an advantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). We did see a favorable spread of 1.6 pips on EUR/USD through a demo account, however, we warn readers of the regulatory uncertainty surrounding the brokerages which leaves a question mark after everything the brokerage supposedly provides.

10CryptoMarket deposit/withdrawal methods and fees

Potential clients of a brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as e-wallets such as Skrill, Neteller, Piastrix and Jeton.

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.

Such website are also the reason we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

 

Rich Snippet Data
Review Date
Reviewed Broker
10CryptoMarket
Broker Rating
1.11star1stargraygraygray

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
USA 5/5 $250 Click for a special offerWebsite
UK, Cyprus, Belize 4.94/5 $5 Click for a special offerWebsite
Australia 4.93/5 $100 Click for a special offerWebsite
UK, Australia 4.85/5 $50 Click for a special offerWebsite
Cyprus, SVG 4.8/5 $100 Click for a special offerWebsite

1 Comment

  1. Holdener stefan

    Hallo mein nahme ist stefan h. Und bin auf solche betrüger reingefalen und heute hate mich [email protected] angeschrieben das er mirhellfen wolle mein geld zurück zu bekommen. Er sei von der finanaufsichtsbehörde kan das stimmen oder ist er auch ein betrüger?
    ————————————
    Hello my name is stefan h. And I fell for such fraudsters and today I wrote to [email protected] that he wanted me to get my money back. Is he from the financial supervisory authority correct or is he also a fraud?

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Italy’s CONSOB warns against CapitalGMAFX

The unregulated Forex brokerage CapitalGMAFX has been added